Need Answers In 6–8 Hours Please Understand Upfront Failing

Need Answers In 6 8 Hours Please Understand Upfront Failing Grades 6

Need Answers in 6-8 hours, PLEASE UNDERSTAND UPFRONT FAILING GRADES (60% OR BELOW) WILL RESULT IN VERY LOW FEEDBACK. EXPECTATION IS 80% OR BETTER . 1. During the initial years of the Depression, what tariff made it more difficult for manufacturers in Europe to sell goods to the United States? (Points : 1)

Paper For Above instruction

The tariff that significantly impacted European manufacturers' ability to sell goods to the United States during the initial years of the Great Depression was the Smoot-Hawley Tariff Act of 1930. This legislation represented one of the highest tariffs in American history and was enacted with the intention of protecting domestic industries from foreign competition amidst economic downturns. However, its implementation had far-reaching consequences, notably escalating retaliatory tariffs from other nations and further hampering international trade.

The Smoot-Hawley Tariff aimed to shield American industries by raising tariffs on thousands of imported goods. While initially intended to bolster the U.S. economy, it inadvertently contributed to a decline in global trade volumes. European manufacturers, who heavily depended on exports to the United States, faced increased tariffs that made their goods more expensive and less competitive in the American market. Consequently, their ability to sell goods was significantly hampered, exacerbating economic hardships during the Depression.

European countries, feeling the impact of the tariff barriers, responded with their own tariffs and trade restrictions. This retaliatory behavior further contracted international trade, leading to a decline in exports and worsening economic conditions worldwide. The heightened tariffs caused a decline in global economic growth, increased unemployment, and deepened the severity of the Great Depression.

In summary, the Smoot-Hawley Tariff Act of 1930 was the key tariff that made it more difficult for European manufacturers to sell goods to the United States during the early years of the Depression, contributing significantly to the economic downturn and illustrating how protectionist policies can have unintended global negative effects.

References

  • Irwin, D. A. (1998). Tariffs and Growth in the Great Depression: The Impact of the Smoot-Hawley Tariff. NBER Working Paper No. 6292.
  • O'Rourke, K. H., & Taylor, A. M. (2006). The Rise and Fall of World Trade, 1870–1939. Explorations in Economic History, 43(1), 137-171.
  • Temin, P. (1989). Lessons from the Great Depression. MIT Press.
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